Effective from 2 October, the lender will cut two- and five-year fixed rates by as much as 0.1% and three-year fixed rates by up to 0.14%.
This includes a fee-free two-year fixed rate, which has gone down from 5.54% to 5.44%. This is available at 95% loan to value (LTV) for house purchase and comes with £300 cashback and a free standard valuation.
There is also a three-year fix that has been reduced from 5.44% to 5.3%, also for purchases at 95% LTV, with a £995 fee and free standard valuation.
Accord Mortgages has also cut the rate of its £5k Deposit Mortgage product, with its fee-free five-year fix falling from 5.49% to 5.39%. This comes with a free standard valuation.
The lender has also extended product end dates to 31 January.
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Aidan Smith, product manager for mortgages at Accord Mortgages, said: “We’re always looking for ways to improve the value we offer to our brokers and their clients, which is why I’m delighted to introduce this range refresh, especially focusing on the help we can offer to borrowers with the lowest deposit, who may be looking to get onto the property ladder for the first-time.”
Gatehouse Bank reduces SVR on home finance products
Gatehouse Bank has made a 0.25% reduction to its standard variable rate (SVR) on home purchase plans (HPPs) and buy-to-let (BTL) purchase plans for UK residents, UK expats and international residents.
This will now stand at 7.25% for both options.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, said: “We are pleased to have introduced this change to our SVR in line with market conditions, which aims to ease some of the affordability pressures on customers looking to buy a property in the UK.
“Ultimately, our primary goal remains unchanged, which is to help people access the right home finance products to suit their needs, whether they are based in the UK or overseas.”
